Hoist and Elevator Motors Market 2023 – 2030 By Output Power,End Use,Motor Type - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : Automation & Process Control | Pages : 179 Pages | Published On : Jul 2023
A Summary of the Hoist and Elevator Motors Market Developments (2023 to 2030)
According to Future Market Insights, the hoist and elevator motors market is expected to reach a value of US$ 97 billion by the end of 2023. The global demand for hoist and elevator motors is projected to grow at a CAGR of 4.5% and reach US$ 150 billion by 2030.
Going Up: The Rise of Smart Elevators and Vertical Transportation Boosts Hoist and Elevator Motors Market
- Increasing Demand for Smart Elevators: The surge in smart buildings and the Internet of Things (IoT) is fueling the demand for hoist and elevator motors that are compatible with advanced elevator systems. These motors enable energy-efficient, faster, and safer elevators, offering enhanced control and security.
- Growing Emphasis on Energy Efficiency: Energy efficiency plays a crucial role in the hoist and elevator motors market as building owners and operators strive to reduce energy costs and environmental impact. Manufacturers are developing more energy-efficient motors that consume less power and generate less heat.
- Technological Advancements: Technological advancements are driving innovation in the hoist and elevator motors market, with manufacturers designing motors that are compact, durable, and reliable. Novel materials and designs are being employed to improve motor performance and efficiency.
- Increasing Demand for Vertical Transportation Solutions: With the ongoing urbanization, there is a growing need for vertical transportation solutions like elevators, escalators, and moving walkways. This trend is driving the demand for hoist and elevator motors capable of handling heavy loads, operating smoothly and quietly, and offering advanced safety features.
Green Buildings: The Eco-Friendly Opportunity for Hoist and Elevator Motor Manufacturers
- Expansion into Emerging Markets: Emerging markets such as Asia-Pacific, Latin America, and the Middle East present significant growth opportunities for the hoist and elevator motors market. The increasing urbanization and infrastructure development in these regions drive the demand for vertical transportation solutions.
- Rising Demand for Green Buildings: As awareness of climate change impacts grows, there is an increasing demand for green buildings that utilize energy-efficient technologies, including hoist and elevator motors. Manufacturers offering motors that reduce energy consumption and emissions will be well-positioned to capitalize on this trend.
- Retrofitting and Modernization of Existing Elevator Systems: The growing trend of retrofitting and modernizing existing elevator systems creates opportunities for hoist and elevator motor manufacturers to provide energy-efficient and advanced motors that can be integrated into existing systems, enhancing performance and prolonging their lifespan.
Permanent Magnet Motors: The Future of Hoist and Elevator Motors Market
- Growing Adoption of Permanent Magnet Motors: Permanent magnet motors are gaining traction in the hoist and elevator motors market due to their high efficiency, compact size, and low maintenance requirements. Consequently, manufacturers are increasingly integrating these motors into their product offerings.
- Integration of IoT and AI Technologies: The incorporation of IoT and AI technologies is revolutionizing the hoist and elevator motors market, facilitating the development of smart elevators that deliver improved performance, energy efficiency, and safety features.
- Focus on Sustainability: The industry's emphasis on sustainability is driving innovation in the hoist and elevator motors market. Manufacturers are developing motors that consume less energy, produce minimal heat, and utilize eco-friendly materials.
- Increasing Customization and Personalization: Customization and personalization are gaining prominence in the hoist and elevator motors market. Manufacturers are providing a broader range of options and features to meet the specific requirements of customers. This includes customized motor designs, control systems, and safety features.
Hoist and Elevator Motors Market Overview
The hoist and elevator motors market is projected to experience significant growth from 2021 to 2031, with a compound annual growth rate (CAGR) of 4%-6% during this period. The market is expected to witness a strong recovery and maintain a positive growth outlook in the coming years.
The residential construction industry is expected to drive demand and create opportunities in the near future. Original equipment manufacturers (OEMs) and end users are likely to prefer the incorporation of automated control systems with remote end-user interfaces to a considerable extent.
What is Driving Demand for Hoist and Elevator Motors
The demand for elevators is increasing across industrial, commercial, and residential buildings. The growing need for multi-storied structures in various sectors of society is driving the demand for elevators and hoists, consequently boosting the demand for hoist and elevator motors.
The rise in urbanization and improvement in living standards in developing economies have contributed to the demand for high-rise buildings. This trend fuels the need for elevators, resulting in the growth of the global hoist and elevator motors market. Additionally, the demand for maintenance services is driven by factors such as safety requirements, regulations, and the existing installed base.
Manufacturers are actively investing in research and development to create innovative designs with gearless technology, compact size, and low weight. These advancements aim to achieve higher power, higher speed, and energy-efficient operations, thus creating favorable opportunities for the hoist and elevator motors market's growth.
Anticipated Market Recovery Following the Containment of the Pandemic
The global economic growth has been significantly impacted by the ongoing COVID-19 pandemic, leading to the closure of economic activities and disruptions in supply chain networks. Consequently, the hoist and elevator motors market is expected to experience a substantial decline in demand due to nationwide lockdowns implemented worldwide. The unavailability of the workforce has further contributed to the shutdown of production activities, negatively affecting market growth. However, a sharp recovery is expected once the pandemic is contained.
Asia Pacific Market Growth Outlook
The hoist and elevator motors market in the Asia Pacific region is projected to witness robust growth over the forecast period. This growth can be attributed to rapid urbanization, demographic changes, and the increasing prominence of high-rise buildings in emerging economies such as China and India.
Europe Demand Potential
Europe is expected to hold a significant share in the global hoist and elevator motors market, driven by substantial demand from the residential and industrial sectors in developed countries within the region. The presence of numerous manufacturers also contributes to market growth. Notably, growth is anticipated in the repair and sales of refurbished units, allowing motor manufacturers to generate additional profits by offering value-added services such as periodic maintenance programs, accessory sales, and the installation of automated controls.
Who are the Key Manufacturers and Suppliers of Hoist and Elevator Motors
Several renowned manufacturers and suppliers play a significant role in the hoist and elevator motors industry. These include:
- ARC Systems, Inc.
- Asmo Co., Ltd
- ABB Group
- Dr. Fritz Faulhaber GmbH
- Brook Crompton UK Ltd
- Rockwell Automation, Inc.
- Regal Beloit Corporation
- Emerson Electric
- Siemens AG
- Maxon Motors AG, among others.
Many of these leading companies are strategically planning to establish their manufacturing facilities in countries within the Asia Pacific region, such as India, China, and ASEAN, in order to meet the growing demand in these areas.
The report presents a comprehensive compilation of firsthand information, qualitative and quantitative assessments by industry analysts, and insights from industry experts and participants across the value chain. It provides an in-depth analysis of prevailing market trends, macroeconomic indicators, and influential factors, while also evaluating the attractiveness of different market segments. Furthermore, the report assesses the qualitative impact of various market factors on segments and geographies.
By Motor Type:
- AC motors
- Geared AC motors
- 3 phase induction motors
- DC motors
- Series DC motors
- Shunt DC motors
- Compound motors
- PMDC motors
By Output Power:
- Less than 1 HP
- 1 - 500 HP
- Above 500 HP
By End Use:
- North America
- USA & Canada
- Latin America
- Brazil, Mexico, and Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
Table and Figures
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